Group Of Seven (G7)

Which of the statement(s) given below is/are correct about Group of Seven (G7)?

1. It is an intergovernmental organisation of seven countries that are the world’s most industrialized and developed economies.
2. It does not have a formal constitution or a fixed headquarters and the decisions taken by leaders during annual summits are non-binding.
3. It traces its origin to an informal meeting of the Finance Ministers of France, West Germany, the US, Great Britain and Japan (Group of Five) in the wake of the 1973 oil crisis.
4. It was called the G8 after the original seven were joined by Russia in 1997 and it returned to being called G7 when Russia was expelled as a member in 2014 following the latter’s annexation of the Crimea region of Ukraine.